BDO completes $500M 3-yr syndicated loan

BDO Unibank Inc. has raised $500 million from a recently signed three-year syndicated term loan to fund its expansion and operations as well as refinance its debt.

BDO has closed and signed the loan on Thursday with a group of international banks, the Sy-led bank said.

The loan is the largest transacted by a Philippine financial institution to-date, the biggest bank in terms of assets said.

“The facility generated strong interest and was oversubscribed, prompting BDO to upsize it to $500 million from the initial tranche of $350 million,” the bank said in a statement.

“Lending commitments were received from various lenders widely distributed across the Americas, Europe, Asia and the Middle East. BDO intends to utilize the facility for refinancing of an existing term loan and for general banking and corporate purposes,” it added.